Platinum Investment Management Ltd. Boosts Holdings in Absci Co. (NASDAQ:ABSI)

Platinum Investment Management Ltd. increased its position in shares of Absci Co. (NASDAQ:ABSI - Free Report) by 20.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 551,188 shares of the company's stock after buying an additional 93,785 shares during the quarter. Platinum Investment Management Ltd. owned about 0.48% of Absci worth $1,444,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of Absci by 1.2% during the 3rd quarter. FMR LLC now owns 12,727,760 shares of the company's stock worth $48,620,000 after purchasing an additional 147,156 shares during the period. ARK Investment Management LLC increased its position in shares of Absci by 30.4% during the fourth quarter. ARK Investment Management LLC now owns 8,265,936 shares of the company's stock valued at $21,657,000 after acquiring an additional 1,928,314 shares during the last quarter. Fred Alger Management LLC lifted its holdings in shares of Absci by 4.3% in the 3rd quarter. Fred Alger Management LLC now owns 7,566,618 shares of the company's stock worth $28,904,000 after acquiring an additional 309,843 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Absci by 6.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,933,593 shares of the company's stock worth $7,388,000 after purchasing an additional 123,896 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Absci by 28.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,143,829 shares of the company's stock valued at $2,997,000 after purchasing an additional 253,985 shares during the last quarter. Institutional investors and hedge funds own 52.05% of the company's stock.

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Analysts Set New Price Targets

Several research firms have recently commented on ABSI. HC Wainwright restated a "buy" rating and set a $7.00 price target on shares of Absci in a research report on Wednesday. KeyCorp lowered their target price on Absci from $6.00 to $5.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Guggenheim reiterated a "buy" rating and set a $10.00 price target on shares of Absci in a research note on Thursday. Finally, Needham & Company LLC restated a "buy" rating and issued a $9.00 price objective on shares of Absci in a report on Wednesday. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $8.57.

Absci Stock Down 1.0 %

Absci stock traded down $0.03 during trading on Friday, reaching $3.01. The stock had a trading volume of 3,204,118 shares, compared to its average volume of 2,393,674. The company has a quick ratio of 5.63, a current ratio of 5.63 and a debt-to-equity ratio of 0.01. Absci Co. has a 52-week low of $2.45 and a 52-week high of $6.72. The stock has a market cap of $383.28 million, a PE ratio of -3.24 and a beta of 2.09. The business has a 50 day moving average price of $3.86 and a 200 day moving average price of $3.66.

Absci (NASDAQ:ABSI - Get Free Report) last released its quarterly earnings data on Tuesday, March 18th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.03). The firm had revenue of $0.67 million for the quarter, compared to analysts' expectations of $1.77 million. Absci had a negative return on equity of 46.56% and a negative net margin of 2,321.56%. On average, analysts predict that Absci Co. will post -0.89 EPS for the current year.

Absci Company Profile

Absci Corporation operates as a data-first generative artificial intelligence (AI) drug creation company in the United States. The company combines AI with scalable wet lab technologies to create biologics for patients. Its integrated drug creation platform is designed to improve upon traditional biologic drug discovery by using AI to simultaneously optimize multiple drug characteristics that may be important to development and therapeutic benefit.